The federal government on Wednesday introduced its choice to retain rates of interest relevant to small financial savings schemes at present ranges in teh coming quarter. There isn’t a change within the rates of interest relevant to small saving schemes, Financial Affairs Secretary Tarun Bajaj stated on Wednesday. This implies investments within the 9 small financial savings schemes – together with the Public Provident Fund (PPF) – will proceed to fetch returns at present charges within the quarter ending December 31. At present, small financial savings schemes pay annual returns to the tune of 4-7.6 per cent.
Listed below are the rates of interest relevant to small financial savings schemes within the third quarter of the present monetary yr (October-December 2020):
At present, the federal government affords 9 forms of small saving schemes, together with the 15-year PPF scheme, the Senior Citizen Financial savings Scheme (SCSS), the Kisan Vikas Patra certificates and the Month-to-month Revenue Scheme (MIS). The finance ministry critiques the rates of interest on the 9 small financial savings schemes on a quarterly foundation.
(Additionally learn: This Is The Minimal Funding You Want To Set Up A Put up Workplace Account)
A few of these put up workplace saving schemes qualify for revenue tax advantages.